[The following information applies to the questions displayed below.]
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:
Account Balance
Cash $ 42,000
Accounts receivable 25,000
Accounts payable 8,400
Common stock 24,000
Retained earnings 34,600
The following events apply to Oak Consulting for Year 2:
Provided $185,000 of services on account.
Incurred $45,800 of operating expenses on account.
Collected $140,000 of accounts receivable.
Paid $120,000 cash for salaries expense.
Paid $31,400 cash as a partial payment on accounts payable.
Paid a $10,000 cash dividend to the stockholders.
d-1. Record the closing entries in the general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Journal entry worksheet
Record the closure of service revenue.
Note: Enter debits before credits.
Event General Journal Debit Credit
1 Journal entry worksheet
Record the closure of expenses account.
Note: Enter debits before credits.
Event General Journal Debit Credit
2 Journal entry worksheet
Record the payment of dividends.
Note: Enter debits before credits.
Event General Journal Debit Credit
3 d-2. What is the amount of net income for the year?
NET INCOME ___________?
.E.What is the amount of change in retained earnings for the year?
CHANGE IN RETAINED EARNINGS ____________?